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Service exports may reach $325 billion in FY23, says SEPC chairman

The nation’s services export is anticipated to reach USD 325 billion in 2022-23 on account of accelerating demand for every kind of companies and gradual resumption of normal worldwide travels, SEPC Chairman Sunil H Talati stated. He stated by the top of the continuing fiscal 12 months, services exports would reach about USD 250 billion.
The estimated worth of companies export for April-January 2021-22 is USD 209.83 billion, exhibiting a growth of 25.31 per cent as in comparison with the year-ago interval’s USD 167.45 billion.
Despite the pandemic, the services sector has managed to retain 90-91 per cent of its last year’s performance in terms of overall exports, he said adding services exports have been growing at a compound annual growth rate (CAGR) of 8-9 per cent for the last 20 years and the sector is eighth largest in the world and second in Asia Pacific region. “We need to have a system of incentive for services exports,” the Chairman said.

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